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Mortage Payment Calculator Affordability Calculator Dictionary Frequently Asked Questions
  Welcome to The Mortgage Advantage affordability calculator. Follow the instructions to figure out the approximate amount that you can borrow from a lender.

Mortgage Affordability Calculator
Annual Interest Rate (%):
Term of Loan (years):
Annual Real Estate Taxes ($):
Annual Homeowner’s Insurance ($):
Monthly Assessments ($):
  Assessments are applicable for cooperatives (maintenance), condominiums (common charges), and some townhomes (homeowners association fees). We recommend you leave it blank if the property is a single-family home.
Monthly Debt Obligations ($):
  Monthly debt obligations pre-tax. Includes all monthly installment loan payments (car, boat, student, furniture, etc.), minimum monthly payments on credit cards, and monthly legal obligations (child support, alimony, etc.).
Gross Annual Income ($):
 
You Can Borrow Up To:
  Disclaimer: Qualification was based on industry standard 33/38 ratios, meaning that no more than 33% of gross monthly income can go toward total housing expenses (loan payment, taxes, insurance and assessments) and no more than 38% of gross monthly income can go toward total monthly debt expenses (including housing). Annual mortgage insurance of $480 is assumed.

Unless otherwise stated, monthly assessments were assumed to be $0. The actual income needed may change if actual variables differ from these assumptions.

This calculator is not to be used for personal, commercial,
financial or legal purposes. It is only a planning tool.


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